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The industry, headed by the Colombian Petroleum Association (ACP) and Ecopetrol (NYSE:EC), attended the second work meeting with President Iván Duque and his team.

Iván Duque, President of Colombia, pledged to promote the development of the oil sector in Colombia and his government has taken several steps to achieve it. Luis Miguel Morelli, President of the National Hydrocarbons Agency (ANH), spoke on this topic.

The Colombian government announced the terms of reference for the Permanent Competitive Process (PPAA), generating high expectations in the oil sector. The companies have shown their interest in developing oil projects in new regions of the country.

The Commission of Experts published its final verdict on fracking, and the debate around this topic is starting to finally make sense. Here is why.

Not only Ecopetrol (NYSE:EC), but ExxonMobil (NYSE:XOM) and ConocoPhillips (NYSE: COP) want to develop fracking pilot projects in Colombia.

The oil sector has been announcing agreements and alliances in recent weeks with the aim of reactivating the exploratory activity in the country. Ecopetrol (NYSE: EC) and Repsol (MSE: REP) will develop a new offshore project in the Caribean coast.

The oil sector has been making positive and important announcements during this year. Hocol S.A joined this positive news trend with a new natural gas discovery.

Ecopetrol’s (NYSE:EC) Felipe Bayón said that the NOC is currently studying the viability of developing more offshore exploratory fields.

The National Hydrocarbons Agency (ANH) announced an agreement between Shell (LON: RDSB) and Noble Energy to operate offshore blocks in the Caribbean Sea. Representatives of the companies and the ANH talked about this important arrangement.

The Colombian Chamber of Goods and Services (Campetrol) reported its drill rig information for February 2019. This metric decreased compared to the previous month, and the Chamber explained this negative behavior, and showed its optimism for a possible recovery in the coming months.